Latest News | Satin Creditcare Q4 Net Up 50 Pc at Rs 57 Cr

New Delhi, May 4 (PTI) Microfinance lender Satin Creditcare Network Ltd (SCNL) on Wednesday posted a 50 per cent rise in consolidated net profit at Rs 57 crore for the quarter ended March 2022.

The company had posted a net profit of Rs 38 crore in the corresponding quarter a year ago.

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Net interest income during the March quarter of 2021-22, however, slipped to Rs 211 crore from Rs 243 crore in the year-ago period, Satin Creditcare said in a release.

Total consolidated income in Q4 FY22 also fell to Rs 364.19 crore from Rs 406.04 crore earlier.

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For the full year 2021-22, company posted a net profit of Rs 20.70 crore. There was a net loss of Rs 14 crore in 2020-21.

Total income during the year was flat at Rs 1,381 crore.

"During FY22, our disbursement stood at Rs 4,856 crore as compared to Rs 4,982 crore in FY21. Our disbursements for the quarter stood at Rs 1,900 crore as compared to Rs 2,376 crore in Q4FY21," it said.

The microfinancier further said it is continuing with a cautious and calibrated approach in disbursement activities.

"We are gradually inching towards the pre-Covid levels and have only disbursed loans to clients with regular repayment cycles and healthy credit history. No disbursement was made to delinquent clients. Our average ticket size of MFI lending for the year stood at Rs 42,000," it added.

The board of directors of two wholly-owned subsidiaries of the company, Taraashna Financial Services and Satin Finserv, at their respective meetings have considered and approved a draft scheme of arrangement for amalgamation of Taraashna Financial (transferor company) with Satin Finserv (transferee company), it said.

"During Q4FY22, we saw significant recovery across sectors, and microfinance, being a core part of this ecosystem, was a beneficiary of this positive momentum. Our AUM for the quarter and year ended 31st March 2022 stood at Rs 7,617 crore.

"We have also demonstrated an improving trend in our portfolio quality. Our gross non-performing assets (GNPA) for March 2022 stood at 8 per cent. We have made adequate provisioning of 6.7 per cent, as of 31st March 2022 of on-book portfolio," SCNL Chairman and Managing Director H P Singh said.

He said the company intends to re-establish its growth trajectory and recoup lost ground.

Improving the demand scenario in the rural markets coupled with the RBI's new regulations will provide a level playing field for all lenders, Singh said.

Stock of Satin Credicare ended at Rs 116.30 apiece on BSE, down by 2.10 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)